Bill > SF2513

This bill amends Minnesota Statutes section 53C.08, subdivision 1, which pertains to retail installment contracts (agreements for purchasing goods, in this case vehicles, through a payment plan). The bill removes outdated language related to contracts executed prior to August 1, 1996, specifically deleting references to providing signed contract copies within 120 days after that date. The remaining provisions of the law remain unchanged, which include requirements that retail installment contracts must be: 1) in writing, 2) signed by both buyer and seller, 3) a copy provided to the buyer within seven days of vehicle delivery, and 4) subject to specific rules about delinquency charges and collection fees. The bill essentially modernizes the statute by eliminating obsolete transitional language from an older version of the law, ensuring that the current statutory language reflects present-day practices for retail installment contracts.

Business and Industry

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF2513&ssn=0&y=2025